NIB in 2023: Strong earnings with high impact
The Nordic Investment Bank (NIB) maintained a strong level of lending disbursements at EUR 3,446 million (EUR 3,705 million in 2022). Continued demand enabled NIB to prioritise high impact and additionality. A large share of disbursements went to the energy sector facilitating decarbonisation in NIB’s member countries. Another key area was research and development.
“NIB delivered strong earnings and impact in 2023. During the year, we achieved significant milestones such as the opening of a new office in Riga, published our Climate Strategy, and continued to develop our product offering, while increasing activity in underserved markets,” says André Küüsvek, NIB President and CEO.
In 2023, the Board of Directors approved NIB´s long-term targets that will guide the Bank’s operations by 2030 and beyond. These include maintaining a strong financial position, achieving net zero by 2050 (including interim 2030 climate targets), and fostering leadership, engagement, and diversity. Each of the key topics are supported by a set of specific indicators and targets.
The Climate Strategy commits NIB to tangible science-based targets that are aligned with the Paris Agreement, with NIB reducing greenhouse gas emissions through its financing activities and operations.
NIB’s customer focus on the green transition was evident in our environmental mandate result, the share of which reached historic highs. Almost all (99.8%) mandate rated projects were assessed as either “good” or “excellent” based on NIB’s Mandate Rating Framework.
“Going forward, we will continue to execute our strategy, manage capital efficiency, and maximise the impact we deliver. We continue to offer long-term financing, and the focus will be on supporting member countries in the green transition, as well as measures to strengthen resilience in the region,” says Küüsvek.
During the year, NIB raised new funding with a nominal value of EUR 7.2 billion through 63 bond transactions.
The net profit increased by 80% from EUR 139 million in 2022 to EUR 251 million in 2023 as the Bank recorded its highest ever net interest income from a solid loan portfolio and treasury activities.
“Increasing the capital accumulation from strong earnings has strengthened NIB’s financial position and capital ratios, which are the foundation for continuing to deliver on our mission. NIB has a strong capital and liquidity position,” says Kim Skov Jensen, NIB Chief Financial Officer.
The NIB Board of Directors proposes to distribute EUR 63 million in dividends to the Bank’s Nordic and Baltic member countries.
You can read more in our annual report for 2023, covering our activities, impact, sustainability, and financial reporting. Download the NIB Annual Report 2023 here.
Key figures and ratios
| In millions of euro, unless otherwise stated | 2023 | 2022 | YoY change % |
| Net interest income | 299 | 219 | 36% |
| Profit before net loan losses | 248 | 136 | 83% |
| Net Profit | 251 | 139 | 80% |
| Lending disbursed | 3,446 | 3,705 | -7% |
| Lending signed | 2,829 | 4,114 | -31% |
| Mandate fulfilment | 99.8% | 99.2% | 0.6% |
| Lending outstanding | 21,924 | 22,195 | -1% |
| Total assets | 39,593 | 39,280 | 1% |
| New debt issues | 7,152 | 9,630 | -26% |
| Debts evidenced by certificates | 32,190 | 31,595 | 2% |
| Total equity | 4,350 | 4,101 | 6% |
| Equity/total assets (%) | 11.0% | 10.4% | 5% |
| Net profit/average equity (%) | 5.9% | 3.4% | 75% |
| Cost/income (%) | 18.8% | 27.9% | -33% |
| Number of employees at year end | 244 | 228 | 7% |
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
André Küüsvek, President & CEO, at +358 10 618 001, info@nib.int
Kim Skov Jensen, Vice President & CFO, at +358 10 618 0209, kim.jensen@nib.int
Jukka Ahonen, Senior Director, Head of Communications, at +358 10 618 0295, jukka.ahonen@nib.int